Question on Cash Withdrawal & Fund Transfer

**_Cathy_** · April 11th, 2016 11:24 AM

Are there any members working for retail banking? I'm not so familiar with the procedures/banking laws now (I'm with corporate) and would need so clarification.

Person A and Person B have an AND account which means both signatures are needed for withdrawal. Amount to be withdrawn is at least P500k. Funds are in a local bank. There is no movement in the account for several years.

1. Is it possible for both to sign on the slip but only one person will be physically present to withdraw the funds from the joint account? If not, what are the requirements so only one person can make the withdrawal? I would suppose since the amount is significant and with no activities, the bank will be more mahigpit? Or is it better to make small withdrawals to pool at least P500k?

2. How many P500k withdrawals can be made?

3. Can one person do a wire transfer? What are the procedures and what is the maximum amount?

4. How can they separate the joint account without the other person being physically present?

**jodski** · April 11th, 2016 12:27 PM

Originally Posted by _Cathy_

Are there any members working for retail banking? I'm not so familiar with the procedures/banking laws now (I'm with corporate) and would need so clarification.

Person A and Person B have an AND account which means both signatures are needed for withdrawal. Amount to be withdrawn is at least P500k. Funds are in a local bank. There is no movement in the account for several years.

1. Is it possible for both to sign on the slip but only one person will be physically present to withdraw the funds from the joint account? If not, what are the requirements so only one person can make the withdrawal? I would suppose since the amount is significant and with no activities, the bank will be more mahigpit? Or is it better to make small withdrawals to pool at least P500k?

2. How many P500k withdrawals can be made?

3. Can one person do a wire transfer? What are the procedures and what is the maximum amount?

4. How can they separate the joint account without the other person being physically present?

For Item 1) Kung may movement lang sana yan and at least kilala ng branch manager yung tao na pupunta pwede na... Bring at least 3 valid id nung tao na wala and an authorization letter pero I doubt na makukuha agad yan kasi subject for further approval.

For Item 2) Kung over the counter withrawal yan or magpapa manager check that will not be an issue...

For item 3) Pwede one time subject to a fee... Mas mahigpit ngayun because of the recent fiasco

For item 4) They need to close the account first then open a new one. In this scenario malabo mapayagan na isa lang present.

Kung gusto mo wala masyado sakit ng ulo dapat andun sila pareho present [emoji29] [emoji41]

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**_Cathy_** · April 11th, 2016 12:38 PM

Nasa US kasi pareho e isa lang ang uuwi. Ewan ko ba bakit AND account ang sinet up. Dapat AND/OR. May AND/OR kasi ako sa Daddy and Mommy ko kaya mag-isa lang ako mag withdraw. Pag AND pala dapat both physically present?

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**CVT** · April 11th, 2016 12:44 PM

Originally Posted by _Cathy_

Nasa US kasi pareho e isa lang ang uuwi. Ewan ko ba bakit AND account ang sinet up. Dapat AND/OR. May AND/OR kasi ako sa Daddy and Mommy ko kaya mag-isa lang ako mag withdraw. Pag AND pala dapat both physically present?

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My evil half is whispering that they do not trust each other...

"The measure of a man is what he does with power" LJIOHF!

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**_Cathy_** · April 11th, 2016 12:50 PM

Originally Posted by CVT

My evil half is whispering that they do not trust each other...

"The measure of a man is what he does with power" LJIOHF!

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I would suppose. Now they are having issues on the withdrawal.

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**Mguy** · April 11th, 2016 12:50 PM

Originally Posted by _Cathy_

Are there any members working for retail banking? I'm not so familiar with the procedures/banking laws now (I'm with corporate) and would need so clarification.

Person A and Person B have an AND account which means both signatures are needed for withdrawal. Amount to be withdrawn is at least P500k. Funds are in a local bank. There is no movement in the account for several years.

1. Is it possible for both to sign on the slip but only one person will be physically present to withdraw the funds from the joint account? If not, what are the requirements so only one person can make the withdrawal? I would suppose since the amount is significant and with no activities, the bank will be more mahigpit? Or is it better to make small withdrawals to pool at least P500k?

2. How many P500k withdrawals can be made?

3. Can one person do a wire transfer? What are the procedures and what is the maximum amount?

4. How can they separate the joint account without the other person being physically present?

1. Yes. Some banks would request the Authority to Withdraw letter on his/her behalf if in case only 1 would appear.
2. 500k withdrawals can be made in cash or as Manager's check (with fee involved). You could withdraw multiple times and in even bigger amounts.
3. You can do a transfer once you have withdrawn the money. The procedure would depend who and where is the beneficiary.
4. Usually, they need to close the account and open a new account again, with both signatories withdrawing all the contents of the account and them opening a new one. However, they need to be physically present when opening a new one. It would be rare if they allow amending an existing account to be and/or. Plus, given if its a dormant account, the branch manager would need to verify again the account owners. You could ask the branch manager what are the acceptable ways to them.

**macsd** · April 11th, 2016 12:53 PM

The best to ask is the branch manager of where the account is held. She/he can give you direct answers to all your questions.

**CVT** · April 11th, 2016 12:58 PM

Originally Posted by _Cathy_

I would suppose. Now they are having issues on the withdrawal.

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The more reason why I should require that both be present during the transaction/s....

"The measure of a man is what he does with power" LJIOHF!

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**yebo** · April 11th, 2016 01:19 PM

special power of attorney solves all the issues. the spa should state person A gives authority to person B to:
1. withdraw in his behalf.
2. open an account in his name, whether as joint or single.
3. make wire transfers from said account
4. it can also be stated whether may limit or wala ang withdrawals, fund transfers, etc.

meron misis ko neto kaya wala ako lagi pera. go to jail in my behalf lang ata wala siya